March 19th Mortgage Market Wrap-up 5

Mortgage backed securities (MBS) closed down a whopping 66 basis points having crashed through the triple levels of support that I bragged about yesterday.  As I thought, although the news about the FED reducing their purchasing program from $65 billion a month to $55 billion was said to be priced-in, their further comments about changing the criteria fro their decisions in the future roiled markets.  The pricing mechanisms are over whelmed right now but I would be that the 30 year is at 4.625%.